Nordgold signs deal to buy Arakaka project in Guyana

MOSCOW, Jun 19 (PRIME) -- Russian gold producer Nordgold has signed an option deal with Alicanto Minerals Ltd for a preemptive right for a buyback of the Arakaka gold ore mining project in Guyana, the company said in a statement on Wednesday.

Under the agreement, Nordgold gets an option to buy 100% in Arakaka in exchange for U.S. $3 million investment in geological exploration within 12-months. In order to use the option, Nordgold would also have to pay additional $5 million to Alicanto.

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